CORN
Short Soybeans against Corn long termThe soybean/corn spread presents a great opportunity to short into historical lows.
Possible short set up on Corn May contractThere is a possibly short play opportunity developing on the Corn MAY16 contract that, if valid, should materialize some time between March 15 and 18.
Price has been trading within an ascending channel that started March 3 and price is currently at the higher boundaries of same channel.
There is a longer term and rather wide descending price channel that started on October 7 and of which price tested the upper line during Feb 2-4 and during Feb 18-23. Price is now heading to same upper boundary again and should arrive there by Mar 15-16, provided that price continues to follow its current short term ascending channel. The 50DMA is clustering with same upper channel boundary and should add to resistance on price. Doing nothing yet but keeping an eye on it for next week.
Corn is about to head north dramatically. Here's why.....Looking for entry, small until 380 broken (full size if 357 is revisited with a stop below 347)
Is King Corn about to flex its muscles?Looks the strongest ag. Today.
Waiting. WiIll The King the lead? Or fail like the other ags?
CORN Deflation.!Weekly short target. Might go lower.
Some problem is current El Nino there might give some volatility before target hit.!
King Corn false breakoutNo bottom in site. Break of 347 confirms. Break back above current T/L at 370 suggests signs of reversal.
Corn Long Term IdeaCorn, shows them in his past aggressiveness very agitated and violent movements, and possibly in future also this is his behavior, reacion, added to it, it is clearly a cone shape, taking into whether the price, and giving its characteristic shape, plus you can see the possible formation of a huge formation type "W", which appears to have a huge reacion future.
How about some "POP" Corn?Corn is ripe for the picking and ready to POP. With glut of corn in silo's we like the downside...BUT, this can either way. Be nimble. We expect a nice 6-8 day run.
Corn Weekly And Daily UpdateCorn seems to be in a corrective pattern in red wave 2 that can retrace back to fibo. level of 50-61'8 %. After the correction is completed, price may reach lower levels.
www.ew-forecast.com
Did we just hit the bottom? Corn has been diving over the last 3 years since it's peak in 2012.
Beside small correction move in 2014, it was pretty much a nose dive that cut corn value in more than half.
Since October 2014, Corn has been bouncing around the 22-23$ support zone, which is also the 127 extension for the first part of corn's decline (Aug 2012- Jan 2014).
The second time corn bounced from the 22$ it also broke out of a minor weekly downtrend line.
Last week, Corn spiked below 22$ and closed above it, creating a weekly false break and a weekly Outside Bar that could be a trigger for a bullish entry for those who seek to trade this bullish triple bottom setup. The bullish divergence we see in the RSI and the Stochastic being oversold can support this bullish scenario.
With stop loss below 21.5$ the initial target level will be the 50 SMA line near 25$ (assuming it'll break above the Fast SMA line - the first confirmation signal)
If the price will close above 25$, it could provide a longer term bullish signal for a deeper correction move in corn prices.
NZDUSD: Very close to a market bottomI placed an overlay of the corn and gold charts over the NZDUSD line chart with weekly range boxes.
Time at mode has given me a target in the weekly, which is very close to being achieved.
I suspect we will see the completion of a terminal falling wedge next week, offering a great buying opportunity in this pair.
I'll patiently wait for confirmation here, but I already suspect the bottom will come very soon.
Price might copy the corn rallies, which seem to be leading gold and crude oil, regarding dollar strength.
Should be an interesting long.
Have a nice weekend,
Ivan.
CORN UPDATE IV: Corn Turned UpCorn turned up in a sharp impulsive fashion, exactly from our highlighted levels. That said blue wave (C) is in action towards 442 -447 levels. Price remains bullish as long as level 345 holds.
CORN Update III: Corn Is Turning UpCorn is turning up, exactly from our highlighted levels. Now we are expecting price to move higher in weeks ahead.
www.ew-forecast.com
CORN Update II : Downward Move Still Corrective Corn is once again testing an important support region at 344 - 346, from where an impulsive bounce may still follow in days ahead.
www.ew-forecast.com
CORN Could Continue To Much Higher Levels CORN has been bearish for the last three years as we see on the Weekly chart, but that is likely over as A-B-C correction is currently unfolding. The first wave A has already made 5 waves up, which confirms a new bullish cycle. In wave B we can see a zig-zag pattern, that is near completion. We see some significant Fibonacci support levels around 345 on a Daily chart, from where a bounce could occur.
